Dimri International Invests EUR55M In Residential Project In Bucharest

10.22.2015 By Gabriela Stan

Israeli developer Dimri International will invest nearly EUR55 million in a residential compound with 1,045 apartments in Ghencea area, in capital Bucharest, a project announced before the beginning of the financial crisis.

“We decided to resume the project in 2013, and in 2014 we started the construction of the first block. The investment in this block reaches EUR5 million and, if construction prices remain the same, the other ten blocks will be subject to similar investments,” said Yossi Menner, Dimri Romania managing director.

The project will include 11 apartment blocks and is called Dimri West Towers (known as Dimri Ghencea Allegro before the crisis).

Dimri entered the Romanian market in 2006 and bought four land plots in Bucharest and Ploiesti, for approximately EUR25 million.

The company also owns a plot of land in Pipera area, where it plans to also develop a residential project, and two plots of land in Ploiesti, where it plans to develop commercial projects.

Other Israeli developers of residential projects on the Romanian market include Shikun & Binui (developer of City Point) and Gindi (developer of GVi Town).